Vietnam-based investor VinaCapital and South Korean private power generation company GS Energy have formed a joint venture to build and operate an LNG power complex in Long An, southern Vietnam. In Thailand, Singha Estate has reached an agreement to acquire a 30% interest in three co-generation power plants.
VinaCapital, GS Energy to develop $3b power complex
Vietnam-based asset manager VinaCapital and South Korea’s GS Energy will jointly invest as much as $3 billion in an LNG power complex in Long An, Vietnam, local media reported.
The 3,000-MW complex, comprising two power plants, will be located in Long An S.E.A Industrial Park and is slated for operation in 2025.
VinaCapital aimed to generate at least 1 gigawatt of renewable energy within the next five years, Nguyen Anh Khoa, head of VinaCapital’s energy investment, was quoted as saying on 6 November 2020.
The firm estimated that Vietnam’s demand for power would increase 10% per year during 2020-2022 but supply was expected to increase only 8.5% annually.
The Vietnamese government has earlier projected the country would need an investment $150 billion in power generation by 2030.
In solar energy, VinaCapital invests through its SkyX Solar subsidiary, which has partnered with Vietnam-based businesses such as industrial park infrastructure and telecom service provider SAIGONTEL and KTG Energy to develop local projects.
Thailand’s Singha Estate to buy 30% in local power plants
Thai property investment and development firm Singha Estate will acquire a 30% interest in three co-generation power plants in Thailand that have a total investment of approximately $44.9 million, according to an announcement.
Singha Estate’s chairman Chutinant Bhirombhakdi said the company secured the purchasing rights at “very attractive terms” and the assets will help Singha Estate triple its revenues to around $646 million in three years.
One of the assets is owned and operated by Angthong Power Company while the remaining two, which are currently under construction and will enter into service in 2023, are owned by B.Grimm Power.
The three power plants have a combined capacity of 400 MW.
“Licences for power generation plants of this size are a very rare commodity in Thailand,” Thitima Rungkwansiriroj, CEO of Singha Estate, said.